ALBANY, NY, Feb. 28 2022 (GLOBE NEWSWIRE) — The global automotive speaker market is expected to exceed the valuation of US$9.6 billion by 2030, according to a research report by Transparency Market Research (TMR). Hence, the automotive speaker market is expected to attract growth at a CAGR of 3.6% during the forecast period 2020-2030.
Different voice assistance technologies such as Siri, Alexa and Google Assistant are increasingly used in many vehicles. Because of this, the automotive speaker market is seeing significant sales prospects. Additionally, the automotive speaker market is driven by the increasing adoption of ADAS features in vehicles and the launch of autonomous vehicles across the globe.
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Due to the improved disposable income of people in many developing and developed countries, there is a noticeable growth in the sales of luxury and high-end vehicles around the world. In addition, this population is inclined to use vehicles offering advanced comfort and safety features. These factors are supporting the growth of the global automotive speakers market.
Passenger vehicle manufacturers are focusing on using technological advances to improve the safety features of audio systems. This factor is expected to fuel the expansion of the automotive speaker market.
The companies operating in the global automotive loudspeaker market are using different strategic moves such as mergers and acquisitions to strengthen their position in the market. Additionally, many players are focusing on launching next-generation products to expand their product portfolio. These efforts are leading to the expansion of the global automotive speaker market.
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Automotive Speakers Market: Key Findings
- In-car infotainment systems are increasingly integrated into commercial and passenger vehicles to improve passenger safety and provide advanced entertainment while driving. This factor creates business prospects in the global automotive speakers market. Audio system manufacturers and original equipment manufacturers are entering into partnership agreements to include next-generation audio systems in vehicles. This, in turn, propels the automotive speaker market.
- Automakers are increasingly integrating technological advancements such as artificial intelligence (AI) into their vehicles. As a result, the demand for automotive speakers is increasing. Additionally, several automotive companies are also integrating smartphones with audio systems using Bluetooth connectivity. These audio systems are gaining popularity as they help in making phone calls and changing music while driving. These advancements are generating lucrative prospects in the automotive speaker market.
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Automotive Speakers Market: Growth Boosters
- The expansion of the automotive sector globally is creating tremendous business opportunities in the global automotive speaker market
- Rising consumer inclination towards self-driving vehicles is expected to contribute to the demand for automotive speakers during the forecast period
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Automotive Speakers Market: Regional Analysis
- The Asia-Pacific automotive speaker market is estimated to maintain its dominance over the forecast period owing to the surge in sales as well as vehicle manufacturing in China and other countries in ASEAN.
- The European automotive speaker market is expected to observe lucrative opportunities owing to the increasing use of autonomous vehicles and ADAS features in vehicles in the region
Automotive Speakers Market: Key Players
Some of the key players profiled in the report are:
- Bose Company
- Alpine Electronics Inc.
- Pioneer company
- international Harman
- SK Telecom
- Altec Lansing
- Lear Company
- Metro Electronics
- Boston Audio
Automotive Speaker Market Segmentation
- Low medium
- Tourism vehicle
- commercial vehicle
- Virtual Assistance
- Warnings and alerts
- Guidance and navigation
- Automatic pedestrian alert system
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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